The sale reflects MTG’s ongoing transformation from a traditional national broadcaster into a global digital entertainer, capitalizing on rapid changes in consumers’ media consumption habits. MTG will use the proceeds from the sale to transform the company further.

MTG (Modern Times Group MTG AB (publ.)) is a leading international digital entertainment group. Their entertainment brands span content production, TV, radio, esports and mobile gaming, and are available around the world. MTG shares are listed on Nasdaq Stockholm (‘MTGA’ and ‘MTGB’).

Providence is a premier global asset management firm with $45 billion in assets under management across complementary private equity and credit businesses. Since the firm’s inception in 1989, Providence has invested in over 150 companies and became the leading equity investment firm focused on the media, communications, education and information industries.

COBALT together with the international law firm Hamilton was involved in the legal due diligence process, drafting of the share sale-purchase agreement and other transaction documents. COBALT provided full legal support on various legal issues and transaction matters as it was required by the client.